Indian hydroelectric power generation company Satluj Jal Vidyut Nigam (SJVN) plans to develop 10 GW worth of solar power projects in the Indian state of Rajasthan with a Rs 500bn ($6.6bn) investment over the next five years.
The state-run SJVN submitted a letter of intent that was accepted by the state government. The two parties are expected to sign a memorandum of understanding in the near future.
SJVN chairman and managing director Nand Lal Sharma said that the power projects will be developed at sites allocated by the electricity utility Rajasthan Renewable Energy Corporation.
The projects will be developed in phases and the clean energy they generate will be supplied to beneficiaries via the nearest substations.
Power purchase agreements for the renewable energy will be signed according to competitive tariff-based opportunities.
The solar projects are expected to create around 15,000 direct and indirect jobs in total, as well as other socioeconomic benefits for the project areas.
Sharma said: “SJVN has proposed to develop solar power projects in Rajasthan as the state has the largest solar power potential in the country.
“It receives the highest solar radiation (5.72 Kwh/m2/day) and also has the highest number of more than 325 clear sunny days in a year. All these factors work in our favour of developing the projects.”
Sharma added that the company currently has 2.7 GW of renewable energy capacity in its portfolio and has set a new target of installing 25 GW by 2030 and 50 GW by 2040.
Earlier this month, the Indian government allocated $2.62bn in its Union Budget to support solar module manufacturing in the country.
The government also plans to issue ‘green bonds’ for environmentally friendly projects and raise capital to support government projects as part of India’s efforts to decarbonize its economy.
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